A subsidiary of Det’on Cho now shares ownership of two downtown Yellowknife office buildings with southern property giant KingSett Capital.
Some of Yellowknife’s largest buildings are owned by companies or real estate investment trusts that are headquartered elsewhere and have been characterized by some territorial politicians as absentee landlords with limited interest in the community.
A deal announced on Thursday takes two of those buildings – the Precambrian and Gallery buildings – and sets in motion “a transition in which Det’on Cho Capital will ultimately attain full ownership,” a press release stated.
The value of the agreement was not disclosed, nor the precise terms under which ownership would fully transfer. For now, the groups will share ownership.
Around 141,000 square feet of commercial real estate is involved. The two buildings face each other on either side of 52 Street, the Precambrian being home to the Capitol Theatre among other uses.
Advertisement.
Advertisement.
Det’on Cho said the move represented a strategic investment that would “foster long-term prosperity for the Yellowknives Dene First Nation.” The group of companies represents the First Nation’s economic development arm.
“By securing partial ownership of these buildings, we are opening new doors for growth and opportunity. The goal is to shape a sustainable future and drive long-term success for our people,” Det’on Cho chair Philip Goulet stated.
KingSett’s Colin Baryliuk stated: “KingSett is pleased to provide Det’on Cho with access to our asset management capabilities, but even more so we look forward to learning from their meaningful connection with the local community and to forging a new relationship with an organization whose core values deeply align with ours.”
